team.blue: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
team.blue
NACE 70.200, Business and other management consultancy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€43.3m
2024 · -€36.9m-€6.4m
Equity
€606.9m
2024 · €640.5m-€33.6m
Cash
€794,454
2024 · €2.9m-€2.1m
Balance sheet total
€1.94bn
2024 · €1.65bn+€295.1m
Largest movements
Assets
- Financial fixed assets +€293.8m
up €293.8m (+26.9%), from €1.09bn to €1.39bn
of which Affiliated companies: +€293.7m
Equity and liabilities
- Debts after one year +€305.7m
up €305.7m (+30.9%), from €990.8m to €1.30bn
- Profit (loss) carried forward -€43.3m
down €43.3m (-31.2%), from -€138.8m to -€182.1m
- Other debts +€19.8m
up €19.8m (+306.5%), from €6.4m to €26.2m
Income statement
- Turnover +€19.8m
up €19.8m (+62.0%), from €31.9m to €51.6m
- Services and other goods +€16.5m
up €16.5m (+57.1%), from €28.9m to €45.3m
- Financial income -€8.6m
down €8.6m (-19.3%), from €44.5m to €35.9m
- Financial charges -€3.3m
down €3.3m (-4.3%), from €76.5m to €73.2m
- Staff costs +€2.0m
up €2.0m (+55.0%), from €3.6m to €5.6m
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
-€36.9m
Turnover
+€19.8m
Other operating income
-€480,561
Goods and materials
-€1.9m
Services and other goods
-€16.5m
Staff costs
-€2.0m
Depreciation
-€3,816
Other operating charges
-€8,640
Financial income
-€8.6m
Financial charges
+€3.3m
Taxes
-€1,302
Result 2025
-€43.3m
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€23.4m
Investment
-€294.0m
Financing
+€315.3m
Cash 2024
€2.9m
From operations (derived)
-€23.4m
Net result for the year
-€43.3m
Depreciation
+€94,562
Receivables after one year
-€13.7m
Receivables within one year
+€14.0m
Deferred charges and accrued income
-€3.6m
Trade debts
+€3.2m
Smaller working-capital items
+€55,980
Other debts
+€19.8m
Investment (derived)
-€294.0m
Investment in fixed assets (net)
-€294.0m
Financing
+€315.3m
Debts after one year
+€305.7m
Contributions, distributions and other
+€9.6m
Cash 2025
€794,454
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,645,078,383 | €1,940,196,908 | +€295.1m | +17.9% |
| Fixed assets | 21/28 | €1,091,512,401 | €1,385,387,545 | +€293.9m | +26.9% |
| Intangible fixed assets | 21 | €90,350 | €57,011 | -€33,339 | -36.9% |
| Tangible fixed assets | 22/27 | €116,182 | €192,711 | +€76,529 | +65.9% |
| Plant, machinery and equipment | 23 | €26,046 | €126,792 | +€100,747 | +386.8% |
| Furniture and vehicles | 24 | €14,305 | €7,030 | -€7,275 | -50.9% |
| Other tangible fixed assets | 26 | €75,831 | €58,889 | -€16,942 | -22.3% |
| Financial fixed assets | 28 | €1,091,305,870 | €1,385,137,823 | +€293.8m | +26.9% |
| Affiliated companies | 280/1 | €1,091,264,812 | €1,385,009,132 | +€293.7m | +26.9% |
| Participating interests | 280 | €1,091,264,812 | €1,385,009,132 | +€293.7m | +26.9% |
| Other financial fixed assets | 284/8 | €41,057 | €128,691 | +€87,633 | +213.4% |
| Amounts receivable and cash guarantees | 285/8 | €41,057 | €128,691 | +€87,633 | +213.4% |
| Current assets | 29/58 | €553,565,982 | €554,809,363 | +€1.2m | +0.2% |
| Amounts receivable after more than one year | 29 | €516,392,057 | €530,129,500 | +€13.7m | +2.7% |
| Other amounts receivable | 291 | €516,392,057 | €530,129,500 | +€13.7m | +2.7% |
| Amounts receivable within one year | 40/41 | €29,614,861 | €15,632,235 | -€14.0m | -47.2% |
| Trade receivables | 40 | €15,100,399 | €14,891,695 | -€208,704 | -1.4% |
| Other amounts receivable | 41 | €14,514,462 | €740,539 | -€13.8m | -94.9% |
| Cash at bank and in hand | 54/58 | €2,859,395 | €794,454 | -€2.1m | -72.2% |
| Deferred charges and accrued income | 490/1 | €4,699,669 | €8,253,174 | +€3.6m | +75.6% |
| Total equity and liabilities | 10/49 | €1,645,078,383 | €1,940,196,908 | +€295.1m | +17.9% |
| Equity | 10/15 | €640,478,520 | €606,852,137 | -€33.6m | -5.3% |
| Contributions | 10/11 | €779,286,991 | €788,912,692 | +€9.6m | +1.2% |
| Capital | 10 | €6,291,899 | €6,291,899 | +€0 | 0.0% |
| Issued capital | 100 | €6,291,899 | €6,291,899 | +€0 | 0.0% |
| Contributions outside capital | 11 | €772,995,091 | €782,620,793 | +€9.6m | +1.2% |
| Share premium | 1100/10 | €772,995,091 | €782,620,793 | +€9.6m | +1.2% |
| Profit (loss) carried forward | 14 | -€138,808,471 | -€182,060,555 | -€43.3m | -31.2% |
| Amounts payable | 17/49 | €1,004,599,863 | €1,333,344,771 | +€328.7m | +32.7% |
| Amounts payable after more than one year | 17 | €990,795,880 | €1,296,499,300 | +€305.7m | +30.9% |
| Financial debts | 170/4 | €990,795,880 | €1,296,499,300 | +€305.7m | +30.9% |
| Other loans | 174 | €990,795,880 | €1,296,499,300 | +€305.7m | +30.9% |
| Amounts payable within one year | 42/48 | €10,428,939 | €34,077,115 | +€23.6m | +226.8% |
| Trade debts | 44 | €3,709,418 | €6,928,112 | +€3.2m | +86.8% |
| Suppliers | 440/4 | €3,709,418 | €6,928,112 | +€3.2m | +86.8% |
| Taxes, remuneration and social security | 45 | €269,603 | €932,271 | +€662,668 | +245.8% |
| Taxes | 450/3 | €6,403 | €8,231 | +€1,828 | +28.6% |
| Remuneration and social security | 454/9 | €263,200 | €924,040 | +€660,840 | +251.1% |
| Other amounts payable | 47/48 | €6,449,919 | €26,216,732 | +€19.8m | +306.5% |
| Accrued charges and deferred income | 492/3 | €3,375,044 | €2,768,356 | -€606,688 | -18.0% |
| Operating income | 70/76A | €32,849,692 | €52,121,670 | +€19.3m | +58.7% |
| Turnover | 70 | €31,858,349 | €51,610,888 | +€19.8m | +62.0% |
| Other operating income | 74 | €991,343 | €510,782 | -€480,561 | -48.5% |
| Operating charges | 60/66A | €37,742,272 | €58,109,325 | +€20.4m | +54.0% |
| Goods for resale, raw materials and consumables | 60 | €5,142,734 | €7,035,517 | +€1.9m | +36.8% |
| Purchases | 600/8 | €5,142,734 | €7,035,517 | +€1.9m | +36.8% |
| Services and other goods | 61 | €28,852,552 | €45,326,291 | +€16.5m | +57.1% |
| Remuneration, social security and pensions | 62 | €3,617,905 | €5,605,980 | +€2.0m | +55.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,746 | €94,562 | +€3,816 | +4.2% |
| Other operating charges | 640/8 | €38,336 | €46,976 | +€8,640 | +22.5% |
| Operating profit (loss) | 9901 | -€4,892,580 | -€5,987,655 | -€1.1m | -22.4% |
| Financial income | 75/76B | €44,523,530 | €35,909,863 | -€8.6m | -19.3% |
| Recurring financial income | 75 | €44,523,530 | €35,909,863 | -€8.6m | -19.3% |
| Income from financial fixed assets | 750 | €44,106,864 | €35,004,083 | -€9.1m | -20.6% |
| Income from current assets | 751 | €61,843 | €71,078 | +€9,235 | +14.9% |
| Other financial income | 752/9 | €354,824 | €834,702 | +€479,878 | +135.2% |
| Financial charges | 65/66B | €76,482,494 | €73,169,525 | -€3.3m | -4.3% |
| Recurring financial charges | 65 | €76,482,494 | €73,169,525 | -€3.3m | -4.3% |
| Debt charges | 650 | €76,371,313 | €72,810,625 | -€3.6m | -4.7% |
| Other financial charges | 652/9 | €111,180 | €358,900 | +€247,720 | +222.8% |
| Profit (loss) for the period before taxes | 9903 | -€36,851,544 | -€43,247,318 | -€6.4m | -17.4% |
| Income taxes | 67/77 | €3,464 | €4,766 | +€1,302 | +37.6% |
| Taxes | 670/3 | €3,464 | €4,766 | +€1,302 | +37.6% |
| Profit (loss) for the period | 9904 | -€36,855,008 | -€43,252,084 | -€6.4m | -17.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,855,008 | -€43,252,084 | -€6.4m | -17.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.